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China's soybean imports from the US fell to 18% this year from 40% in 2016, while Brazil's share rose to 76% from 46%. Brazil also overtook the US as China's top corn supplier in 2023.
Brazil's structural gain in China's import market reduces US export demand and cushions China against trade-war disruption, which keeps US soybean prices under pressure.
reuters.comMei Mei Chu, Naveen ThukralNov 1, 2024After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
